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Online In Australia With the growth of online searching in Australia during the mid-1980s there was a tremendous increase in the number of 'home-grown' databases. According to the 1988 edition [...]

It has always been a great honor to have my images published in your magazine, but when I received Spectacular Universe, which published my Mercury transit image (on page 10), [...]

MERCURY TRANSIT (4-inch Takahashi FSQ-106 apochromatic refractor at f/5, Nikon D200 digital SLR, three 1/40-second exposures plus three 1/50-second ones taken at 10-minute intervals, November 8, 2006) BILL HOOD, TORRANCE, [...]

Q. Are loans acquired through factoring covered by Regulation B (12 CFR 2O2)? A. Yes. 12 CFR 202.9 specifically addresses this question in the commentary at 202.9 (a)(3) 3. It [...]

Q. Must a bank have a method for employees to communicate suspected improper or illegal acts to the Board of Directors? A. Yes. As early as spring of 1997, an [...]

Q. Under the Gramm-Leach-Bliley Act (GLBA), is it permissible to use mortgage loan account numbers on documents filed ,for public records? A. Yes. In the ABA Advisories/ Executives Updates, November [...]

Q. What should a bank do, when taking a Home Mortgage Disclosure Act (HMDA) application by telephone, if the applicant refuses to provide the data that the government wants? A [...]

Even the best of us can over-think a question. In the Mailbox Column of the April 2006 Clinic, a question was posed about a person presenting an 'on us' check [...]

Q. If we did not have one of the four identification items--name, address, dote of birth, and taxpayer identification number--required under the USA PATRIOT Act on accounts that were existing [...]

Q. I can't find that Regulation D addresses withdrawal or transfer requests made via e-mail. What if we had a client e-mail us, requesting a withdrawal or transfer, and we [...]

Q. Is a due-on-demand clause permitted in a consumer loan note? A. Yes. However, there are restrictions for high cost mortgages. 12 CFR 226 32 (d) (8) of Regulation Z [...]

Q. Is a bank permitted to give o board member a higher interest rote on a deposit account than o member of the general public would obtain? Also, is the [...]

Q. Does the right of rescission apply to a 'bridge loan' using the current principal dwelling as collateral? A. Yes. Regulation Z, in both sections 12 CFR 226.15 (a) and [...]

Q. Are there specific requirements to be included in Bank Secrecy Act und Anti-Money Laundering (BSA/AML) training programs? A. At pages 28-29 of the Bank Secrecy Act Anti-Money Laundering Examination [...]

Q. Do closed-end loans with irregular first payments have to have the irregular day's interest included in the Annual Percentage Rate (APR)? A. Yes, but the creditor has a choice. [...]

Q: May a consumer waive the right of rescission? A: Technically yes, but banks should exercise caution when doing so. 12 CFR 226.15 and 23, Commentary, have identical language and [...]

Q: Under 31 CFR 103.22 (d) (2) (vi) (Phase II), can a sole proprietor be exempt from filing Cash Transaction Reports? A: Yes. Section :103.22 (d) (6) (vii) shows that [...]

Q: If a mortgage loon, covered by private mortgage insurance, paid by the borrower, ran for 30 years and the first ten years were interest only, what would be the [...]

Q: If a bank reviews a loan application and agrees to purchase the loan prior to being funded by another party, would it be recorded as a purchase or as [...]

Q: Is there any guidance for policies and procedures concerning retention of e-mail? A: The Office of the Comptroller of the Currency Advisory Letter (AL)-2000-9, 'Electronic Record Keeping' gives a [...]

Q. What is the difference between a check and a draft? A. According to the Uniform Commercial Code (UCC), Section 3-104: (b) "Instrument" means a negotiable instrument. (d) A promise […]

Q. Must a bank file a Currency Transaction Report (CTR) for a cash transaction involving a government agency such as a state department of revenue? A. No. Federal, state, and […]

Q. When is a mortgage service disclosure necessary? A. 24 CFR 3500.21(b) states: 'Servicing Disclosure Statement and Applicant Acknowledgement; requirements. (1) At the time an application for a mortgage servicing [...]

Q. What are Shared National Credits? A. The Shared National Credit Program, which has been in place since 1977, is an interagency examination and supervision effort designed to evaluate loan [...]

Q. Is it permissible for a bank to add an annual fee to an existing home equity product if the fee is not covered in the original contract? A. Paragraph [...]

Q. Is a hank required to have an automated system to track the aggregation of cash transactions to be reported according to 31 CFR 103.22 (c)? A. No. However, 103.22 [...]

Q. Let's say a loan in the amount of $100,000 is secured by two buildings, bath valued at $200,000 and bath located in a flood area. How much flood insurance [...]

Q. Is it permissible for a national bank to make a loan secured by the bank's own stock or of the stock of the bank's holding company? A. No. For [...]

Q. Is a revolving line of credit, secured by listed collateral, subject to Regulation U (12 CFR 221)? A. Yes. 12 CFR 221.3 (c) (2)Purpose statement for revolving-credit or multiple-draw [...]

Q. Are there any record retention schedules for 'returned mail'? A. We find no federal schedules. This requirement would usually be found in state schedules. If your state does not [...]

Q. A person has a personal account at o bank. The same person has a business account at another bank. The person brings checks payable to the business to the [...]

Q. Are 'rate lock' fees considered a finance charge? Yes. A rate lock fee would fall within 12 CFR 226.4 (b) A. (3). In addition, 12 CFR 226.4 (a) would [...]

Q. Do the pre-authorized transaction limits found in Regulation D apply to business-held Money Market Deposit Accounts (MMDAs)? A. Yes. 12 CFR 204.1(b) states: 'Purpose. This part relates to reserves [...]

Q. Should a bank publicize the number of unsuccessful attempts a consumer may make before the automated teller machine will capture the card? A. No, because of security concerns. The [...]

Q. Is the advertisement of FDIC membership required at automated teller machines (ATMs) and night depositories? A. No. FDIC Examination Manual (July 1999) Part III, Advertising of Membership states: 'Display [...]

Q. Is there a requirement for employee training under Check 21 rules? A. Yes. 12 CFR 229.19(f), in the Commentary, states: 'Employee Training and Compliance: 1. The Act requires banks [...]

Q If a bank takes a second mortgage to secure a commercial loan, is flood insurance necessary? A. Yes. According to the Federal Emergency Management Agency (FEMA) in the booklet [...]

Q. What is the 'national deposit ceiling?' A. The national deposit ceiling is found in the Interstate Banking Efficiency Act of 1994 (H.R. 3841), Section 101. Interstate Banking: '(1) APPROVALS [...]

Q. Does Regulation CC (12 CFR 229) cover consumer accounts only? A. No. It applies to both consumer and business accounts. Both consumer and non-consumer accounts are subject to the [...]

Q. Is annual security training mandatory under the Gramm-Leoch-Bliley Act? A. No. Reference is made to Title V, Section 501 (b) of GLB Act, which mandates the 'Protection of Nonpublic [...]

Q. Can an originator's bank conducting a bank wire transaction comply with the 'travel rule' (31 CFR 103.33(g)) by including in the transmittal order its own address as the customer's [...]

Q. If a customer refinances an existing mortgage with cash-out for the purpose of purchasing a second property, is the transaction a 'purchase' or a 'refinance'? A. A Guide to [...]

Q. What do we know about the new Health Savings Accounts (HSAs)? A. In 'June 2004, the Department of Treasury had a press release, which may be viewed at: http://www, [...]

Q. If an auto loon customer is called to active duty, invokes the Soldiers and Sailors Act, and does not maintain the required automobile insurance, what con the bank do? [...]

Q. What are 'evergreen' loans, and how do they affect the bank? A. According to ABA Banking and Financial Terminology, an 'evergreen loan' is a loan in which no provisions [...]

Q. Are real estate broker escrow accounts eligible to hove Negotiable Order of Withdrawal (NOW) accounts? A. Yes, in certain circumstances. The Federal Reserve Board Interpretations of Regulation D, (12 [...]